I understand that modern outer layers are more functional. A leather jacket, for example, can be dressed up or down so as to be worn in a variety of situations. It is also better at keeping you warm.
However, I think capes/cloaks are more aesthetically pleasing garments. It also feels good to have the fabric flowing around you as you walk. But what do you think?
Not very practical anymore. Would get caught in all sorts of things in cars/trains/bikes/planes or whatever mode of transportation you use. The common person in general tends to mean towards practicality > aesthetics in the long term.
Function > form